In 2008, voters had given the district permission to borrow
more money to finish its modernization, and they had received a
big promise from the elected school board in return: No tax
increases... the district got creative.

With advice from an Orange County financial consultant, the
district borrowed the money over 40 years in a controversial loan
called a capital appreciation bond. The key point for the
district: It won’t make any payments on the debt for 20 years.
...

"We could have authorized more taxes, it would just have been
breaking the promises we made to the community," said school
board member Todd Gutschow.

This works great if you plan on dying within 20 years, but
otherwise it's not very smart. As Reason writers Veronique de
Rugy and Nick Gillespie write in
The Hill, neither party is working honestly to tackle the
nation’s fiscal issues, in large part because it doesn't sell to
voters. I see a train wreck, and so the sooner it happens the
less disastrous it will be.